Adverum Biotechnologies (ADVM) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “

A number of other research analysts have also recently issued reports on ADVM. ValuEngine cut shares of Adverum Biotechnologies from a sell rating to a strong sell rating in a report on Thursday, November 9th. Chardan Capital reaffirmed a hold rating on shares of Adverum Biotechnologies in a report on Tuesday, December 19th. Finally, Raymond James Financial assumed coverage on shares of Adverum Biotechnologies in a report on Thursday, October 12th. They issued an outperform rating and a $6.00 target price for the company.

Adverum Biotechnologies (ADVM) opened at $3.95 on Tuesday. Adverum Biotechnologies has a 1-year low of $2.40 and a 1-year high of $4.50. The stock has a market cap of $177.91, a PE ratio of -2.63 and a beta of 2.44.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Wednesday, November 8th. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.03). Adverum Biotechnologies had a negative net margin of 3,398.29% and a negative return on equity of 26.60%. The company had revenue of $0.46 million during the quarter. analysts predict that Adverum Biotechnologies will post -1.31 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of ADVM. Sessa Capital IM L.P. increased its stake in shares of Adverum Biotechnologies by 272.5% during the 3rd quarter. Sessa Capital IM L.P. now owns 638,712 shares of the biotechnology company’s stock worth $2,331,000 after purchasing an additional 467,225 shares in the last quarter. Mangrove Partners purchased a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $1,511,000. Dimensional Fund Advisors LP increased its stake in shares of Adverum Biotechnologies by 77.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 540,097 shares of the biotechnology company’s stock worth $1,971,000 after purchasing an additional 235,356 shares in the last quarter. OxFORD Asset Management LLP increased its stake in shares of Adverum Biotechnologies by 719.0% during the 2nd quarter. OxFORD Asset Management LLP now owns 229,669 shares of the biotechnology company’s stock worth $574,000 after purchasing an additional 201,628 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Adverum Biotechnologies during the 2nd quarter worth approximately $420,000. 30.14% of the stock is owned by institutional investors and hedge funds.

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About Adverum Biotechnologies

Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.

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